You are here
Europe: Shares propped up by gains in mining and oil companies
[LONDON] European stocks rose on Monday, as gains in the shares of major mining and oil companies propped up the region's markets, which had fallen at the end of last week after weak US jobs data.
The pan-European STOXX 600 and FTSEurofirst 300 equity indexes were both up by 0.1 per cent by 0710 GMT.
Last Friday's weak USjobs data hit the US dollar on currency markets, but this in turn gave a lift to the commodity sector, since a weaker dollar makes commodities priced in that currency more affordable for consumers paying with other currencies.
Mining stocks such as Rio Tinto and BHP Billiton rose around 4 per cent as the price of copper climbed to its highest level in around 4 weeks.
The shares of oil majors such as BP and Total also rose as oil prices advanced.